Modern customer service relies heavily on cloud-based contact center solutions. This market addresses the growing need for scalable and flexible customer engagement platforms. Cloud-based contact centers offer features like omnichannel support, analytics, and automation, empowering businesses to deliver exceptional customer experiences while efficiently managing communication channels.
Cloud-Based Contact Center Market: Dive into the Latest News and Updates
In today's digital landscape, customer interactions transcend brick-and-mortar phone lines. The Cloud-Based Contact Center Market is revolutionizing customer service, empowering businesses to connect with clients through omnichannel platforms from anywhere, anytime.
Some of Cloud-Based Contact Center Companies Listed Below:
Strategies Fueling Market Growth:
Market Share Decoding: Key Factors to Consider:
New and Emerging Stars: Illuminating the Cloud Contact Center Path:
Investment Trends: Where the Cloud Contact Center Dollars Flow:
Latest Company Updates:
October 26, 2023:
November 19, 2023:
December 9, 2023:
January 8, 2024:
February 7, 2024:
February 14, 2024:
Cloud-Based Contact Center Market Size was valued at USD 20.7 Billion in 2022. The Cloud-Based Contact Center market is projected to grow from USD 25.6 Billion in 2023 to USD 101.1 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 21.7% during the forecast period (2024 - 2030). Increasing offerings such as Chatbots integration with Artificial intelligence, focus on prompt response and customer satisfaction, better security, easy to implement, and cost effectiveness for the end user companies are the major factors driving the growth of the market.
Figure 1: Cloud-Based Contact Center Market Size, 2023-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The integration of chatbots with artificial intelligence (AI) proliferate the growth of cloud-based contact centers.
Chatbots are becoming increasingly popular as a tool for handling routine customer inquiries and providing self-service options to customers. When chatbots are integrated with AI, they can provide more personalized and intelligent responses to customers, making the customer experience more efficient and effective.
Cloud-based contact centers offer an ideal platform for integrating chatbots with AI, as they provide the scalability and flexibility needed to handle the increased demand for these services. Additionally, cloud-based contact centers can leverage the power of AI to analyze customer interactions and provide insights into customer behavior, preferences, and sentiment. This data can then be used to improve customer service and inform business decisions.
Overall, the integration of chatbots with AI is a major trend in the contact center industry, and is likely to continue to drive demand for cloud-based contact center solutions in the future.
Figure 2: Customer Satisfaction (Cloud vs Traditional), By Region, 2022
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
One of the key benefits of cloud-based contact centers is their ability to provide robust security measures to protect sensitive customer data. Cloud providers invest heavily in security measures such as encryption, firewalls, and intrusion detection systems, which can be more effective than those implemented by individual companies. This can provide greater peace of mind for companies that are concerned about the security of their customer data.
Cloud-based contact centers are also typically easier and faster to implement than traditional on-premises solutions. This is because they don't require significant upfront investment in hardware or software and can be easily integrated with existing systems. Additionally, cloud providers typically offer a range of implementation and support services to help companies get up and running quickly.
Finally, cloud-based contact centers can be more cost-effective than traditional on-premises solutions. This is because they eliminate the need for companies to invest in expensive hardware and software and can provide a predictable monthly or annual cost structure. Additionally, cloud providers can leverage economies of scale to provide services at a lower cost than individual companies would be able to achieve on their own.
Overall, integration of chatbots with AI, the better security, ease of implementation, and cost-effectiveness offered by cloud-based contact centers are significant drivers of market growth, and are likely to continue to be important factors in the future..
Based on vertical type, the Cloud-Based Contact Center market segmentation include BFSI, IT & Telecom, Media and Entertainment, Retail, Consumer, Logistics and Transport, Healthcare, and Others. BFSI holds the largest market revenue generation for Cloud-Based Contact Center industry. The market of Cloud-Based Contact Center for BFSI was valued at USD 6.3 Billion in 2022 and is expected to grow at a CAGR of 20.9% through the forecast period. The BFSI sector is likely to continue to drive demand for cloud-based contact centers, as companies in this sector seek to improve customer service, achieve regulatory compliance, and achieve greater flexibility and scalability in their operations.
One of the main reasons for this adoption is the need for banks, financial institutions, and insurance companies to provide reliable and efficient customer service. Cloud-based contact centers can help these companies to achieve this by providing a range of features and capabilities that enable them to handle large volumes of customer inquiries, provide personalized service, and improve the overall customer experience.
Additionally, the BFSI sector is heavily regulated, and cloud-based contact centers can help companies to achieve compliance with regulatory requirements. Cloud providers can offer advanced security features, such as encryption, firewalls, and intrusion detection systems, to protect sensitive customer data, which is a critical requirement for the BFSI sector.
Another important factor driving demand for cloud-based contact centers in the BFSI sector is the need for flexibility and scalability. Cloud-based contact centers can be easily scaled up or down depending on demand, which is important for companies that experience seasonal fluctuations in call volume. Additionally, cloud-based contact centers can be accessed from anywhere with an internet connection, which is important for companies that have multiple locations or remote workers.
Figure 3: Cloud-Based Contact Center Market, by Vertical Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Healthcare sector is expected to grow at the highest rate during the forecast period. Cloud-based contact centers can be easily scaled up or down depending on demand, which is important for healthcare providers that experience seasonal fluctuations in patient volume. Additionally, cloud-based contact centers can be accessed from anywhere with an internet connection, which is important for healthcare providers that have multiple locations or remote workers. Cloud-based contact centers can help healthcare providers to achieve high-quality patient care and support by providing a range of features and capabilities that enable them to handle patient inquiries, provide personalized service, and improve the overall patient experience.
March 2023: RingCentral, Inc., an AI-powered enterprise which provides contact center solutions, cloud communications, video meetings, and collaboration announced the launch of RingSense™, a ground-breaking AI platform that brings the power of conversation intelligence to business collaboration and communications. Integrating AI, RingSense helps organizations to turn their conversation data into powerful insights that will unlock better productivity and drive business outcomes.
March 2023: LinkLive, a cloud-based Contact Center as a Service (CCaaS) provider, announced the launch of its native mobile app, LinkLive Mobile, to enable compliant and secure voice and messaging for enterprises, financial institutions, and healthcare organizations.
Based on application type, the Cloud-Based Contact Center market segmentation include Workforce Optimization, and Data Integration & Recording. Data integration and recording holds the largest market revenue generation point for Cloud-Based Contact Center industry with a share of more than 60% in 2023. Cloud-based contact centers provide a range of features and capabilities that enable companies to integrate data from various sources and record customer interactions, which is important for improving the overall customer experience and informing business decisions.
One of the key benefits of cloud-based contact centers is their ability to integrate with other cloud-based applications, such as customer relationship management (CRM) systems, marketing automation platforms, and business intelligence tools. This integration enables companies to access customer data and insights from multiple sources, and use that data to provide personalized service and improve the customer experience.
Additionally, cloud-based contact centers typically provide advanced recording capabilities, such as call recording, screen recording, and chat recording, which enable companies to capture and analyze customer interactions. This data can be used to identify trends, track customer sentiment, and inform business decisions. Cloud-based contact centers also provide the ability to store and manage customer data securely and centrally, which is important for compliance with regulations such as GDPR and CCPA. Cloud providers can offer advanced security features such as encryption and access controls to protect sensitive customer data.
By region, this market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The North American region dominates this market with a significant share of 40% in 2023 and is also estimated to witness commendable growth with a CAGR of 19.6% during the forecast period. U.S. holds the largest market share in cloud-based contact center market and is expected to dominate the market through the forecast period. The U.S. market is highly competitive, and cloud-based contact centers can provide a competitive advantage by enabling companies to differentiate themselves based on the quality of their customer service. Cloud-based contact centers can help companies to provide personalized, efficient, and effective service that sets them apart from their competitors. The adoption of cloud-based contact centers in the U.S. is due to increasing importance of customer experience. Companies in the U.S. are increasingly focusing on providing a seamless and personalized customer experience, and cloud-based contact centers can help them to achieve this by providing advanced features such as omnichannel support, real-time analytics, and personalized routing.
Figure 4: Cloud-Based Contact Center Market, by Region Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
On the other side, the Asia-Pacific is expected to be the largest market for Cloud-Based Contact Center by the end of forecast period. In Asia Pacific, China is the largest market for implementing cloud-based contact center with a share of more than 32% in 2022. The growth of the Chinese economy is also driving the adoption of cloud-based contact centers in China. As more Chinese companies expand ly, they are facing increasing competition from international companies that have well-established customer service operations. Cloud-based contact centers can help Chinese companies to compete by providing a range of features and capabilities that enable them to deliver high-quality customer service on a scale.
The adoption of digital technologies is driving the growth of the cloud-based contact center market in China. The rapid growth of e-commerce and social media platforms in China has created a need for companies to manage large volumes of customer interactions across multiple channels. Cloud-based contact centers can help companies to achieve this by providing advanced features such as omnichannel support, real-time analytics, and personalized routing.
Overall, the cloud-based contact center market in China is expected to continue to grow as companies seek to improve customer experience, adopt digital technologies, compete ly, and comply with government regulations.
Major players in the Cloud-Based Contact Center market, include RingCentral Inc., Genesys Telecommunications Laboratories Inc., 3CLogic Inc., Connect First Inc., Five9 Inc., Mitel Networks Corporation, Aspect Software Parent Inc., 8X8 Inc., Avaya Holdings Corp., NICE inContact, Teleforge Corporation, 1Stream Inc., AVOXI Inc. and, Odigo SAS.
The market's growth is predicted to be accelerated by the customer satisfaction demand, as well as various strategic alliances and investments among regional businesses. Due to most of the contact center head offices are in U.S., the U.S. controls most of the market in the region and generates a sizeable portion of overall income.
April 2023- New WebChat Channel Support for Better Customer Engagement has been announced by Sangoma CX, leading Cloud-based Contact Center System.
Sangoma CX, formerly known as Sangoma Contact Center, now supports web chat. By allowing an agent to speak with a customer inside the Sangoma CX interface, this new functionality improves the customer experience (CX). The features consist of:
Omnichannel: With the help of their new omnichannel webchat, users will be able to manage client requests more effectively and maintain consistency across channels, giving customers the impression of a seamless experience. Agent productivity can increase while waiting times are decreased when agents seamlessly switch between interactions in WebChat and Calls.
Updated Reporting: With the new reporting, organizations can better understand their customers' needs and preferences and determine what needs to be improved to raise customer satisfaction & agent productivity. The new reporting also gives agents more options for monitoring and evaluating the success of their webchat usage.
Sangoma's CX in fact is a superior contact centre solution since it is simple to use, very adaptable, and incredibly dependable. Their clients love the thorough reporting it delivers in both real-time & historical data, as well as how simple it is to use and how many capabilities it has said Jennifer Danis, Thrive Networks' manager of unified communications.
They are sure that such new features will enhance user experience and make it easier for users to accomplish their objectives. Their team has worked hard to ensure that such features will contribute to the cost-effective transformation of their customers' businesses, enhance the contact centre experience, lower churn, and increase customer loyalty, Jim Machi, the company's chief product and marketing officer, stated.
For companies of all sizes, Sangoma is a dependable leader in providing Communications as a Service solutions that are value-based. By offering organizations the most complete range of cloud-native communications solution in the market, Sangoma makes communication simpler while streamlining corporate procedures. Businesses can rely on Sangoma for a total solution that includes cloud software, endpoints, & connection, all of which are supplied and supported by Sangoma's knowledgeable staff.
Automatic Call Distribution
Agent Performance Optimization
Workforce Optimization
Data Integration & Recording
BFSI
IT & Telecom
Media and Entertainment
Retail
Consumer
Logistics and Transport
Healthcare
Others
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
Cloud-Based Contact Center Market Highlights:
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